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Ashley takes over Rangers

Graham Wallace has resigned as Rangers' chief executive just two days after failing to stop Mike Ashley grabbing power at Ibrox.

The League One champions confirmed former Manchester City executive Wallace's departure in a 7am statement to the Stock Exchange.

In a separate statement made to the AIM, the crisis-hit club also announced it had accepted Ashley's £2million loan offer, effectively handing control to the Newcastle United owner. It will give Rangers some much-needed breathing space following rumours the club were due to run out of cash tomorrow.

Magpies chief Ashley - who owns 8.92 per cent of the Glasgow giants - saw off a late bid by Sale Sharks owner Brian Kennedy to put forward his own emergency loan facility and now has the Ibrox club in his iron-like grasp.

Wallace's exit will come as a major blow to boss Ally McCoist, with the pair having formed a close bond in the 11 months they worked together.